please help?!

Question

The value of an antique increase in value at a rate of 4% every year. In 2000, the antique was purchased for $5000. show how to use a formula to represent the value of the antique in the yer 2008?

Answer 1

Price of the antique in 2000 = $5000

Increment percent per year is 4% =0.04

Increment value per year = $5000*0.04 = $200

Number of years = 2008 -2000 = 8

Price of the antique in 2008 = (Price of the antique in 2000) + Increased value in 8 years

                                          = 5000+8(200)

                                          = 5000+1600

                                         = 6600

So Price of the antique in 2008 is $ 6600